A phishing tool called ‘Wallet Drainer’ has been used in scams through Google search and X ads. This tool has managed to steal nearly $58 million from over 63,000 victims in just nine months. Scam Sniffer, a platform designed to protect Web3 users from scams, reported the most significant theft, where a victim lost $24 million in September.

Since March, scammers have primarily funded themselves through phishing, a deceptive online tactic impersonating trusted brands via emails, ads, or websites to trick users into providing sensitive information or access to their crypto wallets. 

Researchers recently discovered the same “drainers” in targeted advertisements on popular social media networks. This repackaged scam model migrated from search to social to bid for more eyeballs. Security teams analyzed account data from the past nine months and tied over 10,072 scam websites to these drainer scams, which often would impersonate known crypto brands. 

Scammers tailor their infrastructure and tactics over time to maximize success and evade protective filters. Their ploys include peppering different global regions with scam sites and swapping genuine brand URLs with phishing sites behind the scenes. 

This allows them to target victims in specific locations while showing innocuous sites to auditors or security services scrutinizing other areas. By constantly adapting sites and strategies, the scam networks have tried to stay one

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Author: Ana Ojeda

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